FAQs
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"How do I take my pension savings as a small pot lump sum?"
If you’re over your normal minimum pension age, and have £10,000 or less saved in your pension when you choose to access it, you may be able to take it as a ‘small pot lump sum’.
"If I’ve nominated my children and they’re under 18. When I die, how will you pay out my death benefits?"
If your beneficiaries are under the age of 18 (known as minors), the lump sum will be held in trust until they come of age (we’ll require a copy of their birth certificates).
"What are the differences between FAD and UFPLS?"
Both flexi-access drawdown (FAD) and uncrystallised funds pension lump sum (UFPLS) are ways of taking your pension savings a bit at a time.
"How much will I get when I retire?"
It’s possible to get an estimate of how much you’ll get from a workplace pension. You may hear this referred to as a ‘pension projection’.
"I’m moving overseas – how do I take my pension?"
Whether you’re moving abroad temporarily or permanently, you’ll still need to be old enough under UK pension rules to access your money (currently age 55).
"How often will my pension be paid?"
You can normally specify the frequency of your payments – monthly, quarterly, half yearly or annually.
"Are there charges for withdrawing my pension savings?"
No. We don’t charge if you decide to access your pension.
"How long will it take to receive my pension money?"
Once you’ve let us know you want to take your savings by submitting the relevant forms (either online or by post), it can take up to 3 weeks before you receive your money.
"How does flexi-access drawdown work with People’s Pension?"
To access your pension savings via flexi-access drawdown, you must be 55 or over and have a minimum of £10,000 in your pension (or £2,000 if you’ve already taken money before).